Good morning. Thank you for standing by and welcome to the Sodexo first quarter fiscal 2023 revenues conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your touchtone telephone. Should anyone need assistance during the conference call, they may signal an operator by pressing Star, then zero on their telephone. I advise you that this conference is being recorded today on Friday, January 6, 2023. At this time, I now like to hand the conference over to the Sodexo team. Please go ahead. Thank you. Good morning, everyone. Welcome to our Q1 fiscal 2023 revenues call. On the call today, we have Marc Rolland to take us through the numbers and answer your questions. If you haven't already downloaded them, the slides and press releases are now available on our site. This call is being recorded, but may not be reproduced or transmitted without our consent. Please get back to me if you have any further questions after the call. I remind you that the H1 results will be announced on April the 5th. I now turn the call over to you, Marc. Good morning. I wish you all a very happy, healthy, and prosperous 2023. I am pleased to be here with you this morning to cover the first quarter numbers. In slide 4, you can see that we've had a strong start to the year with 20.2% growth in the first quarter and revenues of EUR 63 billion above 2019 numbers, even when excluding currency impacts. There was a very significant 9.2% currency impact due to the US dollar for more than 80% and the reais for about 10%. Scope change accounted for a negative 1.2% due to the effect of the disposals program. As a result, organic growth came out at 12.3% in line with our expectations. On-site services was up 11.9%, benefiting from the remaining strong post-COVID ramp-up and the effect of price increases. North America was up 15.7%. Europe was up 5.9%. The rest of the world plus 15.3%. It is worth mentioning that food sales were up 19.2%, recovering strongly in the post-COVID ramp-up. Because of the closing of the testing centers in the UK, FM services growth stalled at +0.5%. Excluding this, the underlying growth was still healthy at close to 6%. Benefits and reward services organic growth accelerated again this quarter to 23.4%. This quarter benefited from the Eurozone interest rate increases and a one-off public benefit contract in Australia. Higher face values, growth in demand, and net new business were solid in both regions, so that organic growth was 22.7% in Europe and 24.5% in Latin America. Let's come to Tetra Pak. Tetra Pak renewal is an on-site contract where our global approach and the standardization of our services across their portfolio and the innovation and reactivity that we bring to them are highly valued. This was recognized during the recent renewal renegotiation. The agreement covers Tetra Pak 23 countries and 65 sites, including production plants, warehouses, and offices in Europe, Brazil, and Asia Pacific. Over the years, we've built up our capabilities in energy management, waste management, CSR, data analytics, et cetera, and we have concretely demonstrated our ability to manage and deliver FM projects through crisis. The BRS team has also retained and extended its historical relationship with Capgemini, signing an additional multi-contract deal in France, Portugal, and Spain with a 100% digital offer in meal and other employee benefits, servicing 24,000 beneficiaries. Our global footprint and multi-country contract management proposition has helped Capgemini to rationalize its suppliers base. It is now run as one of our first centrally managed global contracts, with presence in eight countries. To take some examples, first, with two wins for BRS. In India, we have onboarded the 7,000 Flipkart employees for meal benefits from September 2022. Flipkart Private Limited is one of India's largest e-commerce companies with a dominant position in the apparel segment. In the Czech Republic, Sev.en Energy has signed a three-year contract. A new client for Sodexo, the 3,600 employees will benefit from a large range of benefits, including leisure and meals. In terms of retention, in the U.K. we have renewed contracts with prestigious schools such as St. Paul's Cathedral School in London and George Watson's College in Edinburgh. In seniors in the U.S. we have retained and extended our partnership with The Hearthstone. The contract has evolved from facilities management only to food service, with an agreed goal to provide a further extended set of services in the near future. In the U.K. The Scottish Fire and Rescue Service will continue to be served by our 350 colleagues for their catering, cleaning, security, waste services, and grounds maintenance on the 420 locations they operate. Sodexo Live! has extended the scope of its historical partnership with Roland-Garros. After extending the relationship to ticketing last summer, we are now expanding our food services to hospitality program for the French Tennis Federation. Let's turn to the detail in the revenue numbers. Firstly, on slide 9. We are seeing signs that inflation has peaked in North America and Brazil and is stabilizing in Europe. The Q1 pricing effect was about 5%-6%. Don't forget, this is on top of the above 2% of pricing we had in Q1 last year. There will be another wave of price increases in January, and we still expect to pass about 4%-5% in pricing for the full year. On the cost side, we expect the impact of inflation to moderate gradually, especially in H2. I remind you that our teams are continuing to actively manage the gap between cost inflation and price increases with strong mitigation action. Now let me take you through the new reporting by geographic zone. Let's start with North America, which accounted for 44% of revenues in fiscal 2022. In North America, first quarter fiscal 2023 revenues were EUR 3 billion, up 15.7% organically. Organic growth in business and administration was 31.8%. Corporate services benefited from a robust return to the workplace. Sports & Leisure was up strongly as the volume and average spend of sporting and convention center events increased significantly. Entegra was also very strong, boosted by the strong recovery in the activity levels of its members. Energy and resources and government and agencies were both up more modestly. In healthcare and senior, organic growth was 9%, continuing to accelerate quarter after quarter with a double-digit increase in retail, pricing impact in hospitals and in senior homes, and the Ardent startup from November. In education, organic revenue growth was 9.3%, boosted in particular by the significant pickup in retail and event catering in universities. On the other hand, the school segment was down slightly against a particularly strong first quarter in the previous year, linked to the very high level of COVID-related free meals in the first quarter last year, as well as the last base effect of the loss of the Chicago Public Schools contract closed in October last year. Europe revenues amounted to EUR 2 billion, up 5.9% organically. In business and administration, the 14.8% organic growth was boosted by the ramp-up of post-COVID volumes and price increases. All segments were up except government and agencies, which was impacted by the loss from the beginning of October of a large French prison contract in France, accounted for in the loss of fiscal 2022. Sports & Leisure was particularly strong, boosted by healthy tourism in Paris and a strong pickup in attendance at sporting and corporate events. The return to the office also continued to progress across the region. In healthcare and seniors, revenues were down 12.1% organically, impacted by the closure of the U.K. testing centers. Excluding this organic growth would have been nearly 7%, thanks to a combination of pricing and some volume growth, particularly in France. In education, organic revenue growth was 4.7% due to higher pricing and a pickup in attendance in France due to both the calendar effect and the fact that last year's student numbers were impacted by the Delta variant. First quarter fiscal 2023 revenue in the rest of the world were EUR 1.1 billion, up 15.3% organically. Business and administration was up 15.1%. Corporate services growth was boosted by net new business and strong demand in all regions, despite activity being flat in China due to the sporadic COVID lockdowns. Energy and resources were strong in the Middle East, Africa, and Latin America, but activity in Australia was impacted by contract losses from last year. Healthcare and seniors was up 11% with solid growth in all regions due to the combination of volume increases and net new business as well as strong price increases in Brazil. In education, organic growth was 36.8% due to very strong post-COVID ramp-up in India and modest but solid growth in China. I remind you that education is still small in this zone. Let's turn to benefits and reward, where the organic growth was 23.4%. Organic growth of employee benefits was +22.5%, and this compares to an issue volume up 16.4% and is a combination of increased face value, positive net new business, underlying growth in demand, and higher interest rates, in particular in the Eurozone this quarter. Services diversification also had a particularly strong quarter, up 26.9%. The public benefits activity benefited from two new contracts, a one-off Klimabonus voucher proposed by the Austrian government to promote spending on improving the environment. It was distributed in September through to December. In Romania, the introduction of the government's new social card, which is aimed at protecting population at risk. Now, by geography. In Europe, Asia and USA, organic revenue growth was +22.7%. This performance was consistently good across the region due to face value increases, net new business and higher interest rates. Romania and Austria were particularly strong due to the new public benefit contract I've just mentioned. In Latin America, organic growth was 24.5%, boosted by the combination of strong new business, face value increases, like-to-like volumes and higher interest rates across the region. I have already covered the increase in operating revenues of 15.8% due to the strong growth in all regions and in all activities, but also the public contract mentioned earlier. Financial revenues were up 153%. On top of the increase in interest rates in Eastern Europe and Brazil that we talked about in previous quarters, this time around, we also benefited from the higher eurozone rates. Please do not expect this organic growth acceleration to continue into the following quarters. First, we've had some one-offs in Q1, such as Klimabonus voucher distribution, as well as the Romanian social contract. Secondly, the base effect becomes tougher each quarter, particularly on the financial revenues. Now let's turn to our fiscal 2023 guidance for the group. This strong start to fiscal 2023 was expected. As we progress during the year, the post-COVID ramp-up will reduce. From the second quarter, a strong momentum in benefits and reward services will continue, but against a stronger comparative base and one-off that will not repeat themselves. Therefore, growth was expected to be higher in the first half than in the second half of the year, even if the progressive increase in the contribution of last year's net new development will support the underlying group organic growth in the second half. As a result, group fiscal 2023 guidances for BRS and the group are maintained. For the group, fiscal 2023 organic revenue growth is expected to be between 8% and 10%, and fiscal 2023 underlying operating profit margin is expected to be close to 5.5% at constant rate. For Benefits and Reward, fiscal 2023 organic revenue guidance is expected to be between 12% and 15%. Fiscal 2023 underlying operating profit margin should be around 30% at constant rate. I thank you for your attention, and I'm now ready to answer questions. Operator, can you please launch the Q&A? Thank you. Ladies and gentlemen, just another reminder, if you would like to ask a question, you are welcome to press star and then one. Our first question is from Jamie Rollo of Morgan Stanley. Please go ahead. Thanks, Maureen, and a Happy New Year, everyone. Three questions, please. First, just on the revenue guidance. I know you've stopped giving the% of 19 figures now, but it looks like the first quarter was running at about 105% if we take the 12% organic growth and deduct the 1% from scope. That's sort of roughly what you need for the full year to get to the midpoint of the 8%-10% guidance. I was wondering what your view is on the level of conservatism on the full-year sales guidance. Secondly, just on margins. You've helpfully given us some idea of the cadence of revenues in the year, stronger in H1 than H2. In terms of margins, normally you're much higher in the first half than the second half, should we still expect that 100 basis points differential which would, I guess, get you to something like 6% in the first half, so roughly back to the first half of 2019. Finally on FM, sort of still lagging food service, of course, below 6%. I'm just wondering about the weight of that business now. It looks like it's still gonna be something like 35%-38% or so of sales. Would you expect that to pick up a bit 'cause you're still winning some RFM contracts or could that be a sort of drag to the growth rate going forward? Thank you. Thank you, Jamie. On your first question, you're right. We stopped showing compared to fiscal year 2019 because it was now a while ago. You're right. In Q1, we are at 105% of Q1 fiscal year 2019 once we neutralize the currency impact. We are expecting, you know, with the guidance, the midpoint guidance, as you say, we are expecting to be at 105% for the full year. Whether this is conservative, I'll let you judge on that. We go quarter by quarter. Q1 was as expected. We had some one-offs, but I think we will see more with Q2. On the margin cadence, you know, when we did our modeling for the margins, H1, H2 this year, because of the expected peak of inflation on cost in Q1 or by the end of Q1, this is I think what we are observing. The passing of inflation more significantly at the beginning of the year, calendar year, January to March in many countries, we are expecting actually the margins from H1 and H2 to be relatively similar. It will be an atypical year, but with the inflation at play, this is what we are modeling. On FM, I think we are currently at Q4, at least we were currently at 40%. Here the like-for-like growth once we are retracing the testing center is 6%. I think it's just slightly below 40% for Q1. It's not something we should look on a quarterly basis. We are expecting FM to continue to grow. What we said at the capital market day is that we will be more selective, but more selective does not mean a regression. Selective means more focused and we are expecting FM to grow and probably dilute a little bit over time. Right now we stick to, let's say 38%-40% is a good number. Right. That's really helpful. Can I just come back on the, on the margin point? Given the second half of last year, the margins were pretty close to the second half of 2019. You have sort of 4.8% versus 5.1%. If they're both gonna be similar this year, you know, so, you know, 5.5% or so, that implies key in the first half will still be down quite a lot versus the first half of 2019. The second half will be up quite a lot. Is that a fair sort of read? It just looks a bit odd when we look at it in that lens. I'm not expecting fiscal H1 fiscal 2023 to be significantly lower. You said significantly lower than H1 fiscal 2019. Maybe a little lower, but not significantly lower. You know, we are still in a ramp up and there is a play of inflation. In our models, H1 and H2 this year will be a lot closer than they were in the past. I don't think it will be significant. H1 will not be significantly lower than fiscal year 2019. Okay. That's very clear. Thank you very much for your comments. Our next question is from Jarrod Castle of UBS. Please go ahead. Good morning and happy new year. Can you give any color on how much of the growth was like for like growth, if any, in the onsite business, please? Just on BNR as well, you kind of mentioned the face value effect, but can you give some color on that? Just related, I noticed that the services diversification business, a year ago, it was 21% of the mix. It's dropped down to 18% of the mix. How should we think of, you know, this portion of the business going forward in terms of mix contribution? I guess just coming back to onsite again, any color on retention rates in the different geographies? Thanks. The like for like growth in onsite is 11.9%. As I said, the inflation in Q1 was between 5% and 6%. The net new contribution in Q1 is very neutral because we had some lasting impact from Chicago Public Schools, for instance, and some contracts, some of them that we lost in fiscal year 2021. Next quarter will be positive. I can't tell you a lot more than that on the like for like on-site growth. On Benefits and Rewards and the face value, I would say the overall average face value for Benefits and Rewards measured on Q1 is about 6%. I think it's ticked up a bit from what we had at the back end of last year. In term of the diversification, it has shrunk, that's for sure. I think, you know, we are cleaning up the portfolio. You must remember that we disposed of a few business and we disposed of the sports cars, we disposed of Rideau, which were not totally fitting with the strategy. I think now the cleanup of that portfolio is done. The aim is to grow that business at a good pace. I don't see this coming to more dilution in the future. On retention, well, we're not commenting so much on quarterly numbers because the way we calculate it on three months is very, it's not very significant to look at it. We are on track to, you know, our objective is to be above 95%. We were at 94.5% last year. Today our modeling and forecasting tell us we are on track to achieve our target. On the development, I think I, what I commented is we had a good quarter in volume. You know, we signed well. We have a positive net new loss. The selling activity and retention activity is a good start. Right. Thanks very much. Our next question's from Vicki Stern of Barclays. Please go ahead. Good morning. Happy New Year. Firstly on the volumes, coming back to Jamie's question, would you say you think your volumes are fully recovered now back to pre-COVID levels, or you think there are some pockets, I'm thinking perhaps retail and healthcare, I know you said it had recovered slightly, but any areas where you still think there's some of that volume recovery to come through? Related to that, I think you mentioned in the release, good activity on cross sales, if you could also quantify is that, I think you called out potentially seeing about a 1% boost from cross sale going forward, any help on how big that's been? Finally on the balance sheet, again, obviously the leverage is still looking quite low. Any update there on the use of surplus cash? Any further thinking since you last updated us around potential M&A, and if so, what types of businesses? Thanks. Thank you for your question, Vicky. On volume, I would say, for instance, we are at 105%, but some of it is also due to pricing, okay? When I look at the recovery versus fiscal year 2019, there are pockets where we can still improve. For instance, food service, we are at 98%, but there was pricing including. I think we have further ramp-ups and improvement to do on food services to recover the fiscal year 2019 volumes. I think I mentioned in the speech, retail and healthcare, we had double-digit growth in Q1, but we're still about 82% of recovery of fiscal year 2019 volumes. We still have some work to do. I would also like to see the volume in schools to be slightly higher than what they are. In Sodexo Live!, for instance, the volumes have picked up very well. In corporate services was very encouraging in term of volume, especially in the U.S., where we had very significant growth in the U.S. We had corporate services had significant growth everywhere, in the U.S. it was particularly strong. I would say yes, we are expecting some areas of the business to improve in volume. I've cited a few. On the FM, I think we are fine. On the cross-selling, we had a good start of the quarter, I think the 1% is a good target. We are good with this. On cash flow, I don't have much more to tell you than what I said at the CMD, in the past, months or so. Nothing new on the cash side. Okay, thanks very much. Our next question is from Richer, Julien of Kepler. Please go ahead. Yes, good morning. Three questions also from me, please. The first one, in terms of potential tension coming from inflation, have you seen some tension with staff during wage negotiation process, or are you experiencing some supplier having difficulties to operate due to energy cost increase, for example? The second point, you mentioned working from home and the fact that people are returning to the office. Are you talking about Q1 2023 compared to Q4 2022, or compared to Q1 last year? Just to see if there is a continuance of that trend or if it has stalled a little bit. The last point on the employee benefit, issue volume is slightly above operating revenue. It is just a question of product mix or is there also some pressure on take-up rate in some geographies? Thank you. On the employee benefit volume and the operating revenue, the operating revenue growth is not just employee benefit. It also covers, for instance, the Klimabonus contract or the Romanian social card. It's difficult to compare the volume of employee benefit and the organic growth of operating in-revenue. We had good growth in volume, and so I don't know if I'm answering your question with this, do not hesitate to reformulate. Work from home. What I said at the Capital Market Day is that we were, and that was in November. We were where we were expecting to be two years ago in term of volume losses. As I said, you know, food volume are at 98%, we are there. But now there is the inflation which plays a part of it. We, I think we can still improve that ratio of 98%, we can during the year. When I compare it with Q1 2022, obviously it's significantly higher, but I think it's very similar to what we had in Q4 2022. The food volume are picking up. They are solid. On inflation, on potential tension, I mean, I discuss regularly with the supply chain team. The discussion with the suppliers are robust, but I didn't hear about clashes. I think we have this robust conversation. Some of them is obviously are impacted by energy prices, but in general, we have a working relationship. It works, and it's ongoing. On the salary bar, yes, we have obviously healthy discussions with our unions, you know, in France, but in different countries. I think we have good quality dialogue with our staff representatives. I think we are getting to a decent win-win situation with our staff. Okay, thank you. Our next question is from Carrington, Leo of Citi. Please go ahead. Good morning, Marc. Thank you for taking my questions. Happy New Year. Firstly, can you quantify the impact of the Austrian Klimabonus? When you refer to it as a one-off, do you mean for this year it's a one-off? My understanding is that program continues. Will there be any future benefits to be aware of in outer years or in outer quarters? Any help on the revenue recognition would be great. Secondly, in terms of the pricing impact in Q2, would it be right for us to expect a similar impact as Q1, or do you think the pricing mechanisms will yield slightly lower Q2 price benefits? Lastly, your competitor in France, Elior, is expanding significantly in services in France by acquisition. Do you envisage any change in the competitive landscape in France, maybe more competition in contracts that lend themselves well to cross-selling? Any insight here would be appreciated. Thank you. Klimabonus is a multi-year contract, but we are not clearly sure of the volume year after year. Because we were hired to distribute part of it, and so we don't know if that part will be stable over time. The revenue we generated with Klimabonus in Q1 was about EUR 3.5 million. It's a small number at the group side, but for PRS, it has obviously an impact on the revenue organic growth for Q1. In terms of inflation impact, what I said is that there is now a moment of, currently, I mean, January is a big season for price increases. In the U.K., February and March is also a big season of price increases for public contracts. We are expecting a good negotiation in term of price increases just now. I will say, yeah, we're probably my expectation is to have a Q2 inflation which is similar to the Q1, the Q2 inflation passed to clients similar to Q1 rate. For Elior and the new services, I think with the new partnership, they're really expanding widely the scope of services. As we said during the CMD, we want to be more focused, more relevant and target high value-added services. I don't see us following in that, in those footsteps. On the contrary, I think we want to probably narrow the scope of services, but being more impactful in what we do. Okay, no change to the competitive landscape. No. that you see? No. Thank you very much, Marc. Our next question is from Clarke, Richard of Bernstein. Please go ahead. Hi. Good morning. Thanks for taking my questions. Yeah, three, if I may. Just following up there on the question around inflation. Are you seeing any of your clients sort of talking about, "Well, inflation's going to slow, so we need to bake that into our pricing discussion"? Is that the sort of anticipation of clients going forward? Looking maybe beyond Q2 into the back half of the year, is that kind of weighing on it at all? The second one is the CMD you talked about maybe at some point announcing something on the BNR diversification. Just, you know, what's the timing on that, maybe that last announcement of the plan for BNR? Anything you can say about it today? The third one, I noticed in your incentive comp, you've taken down the free cash flow component, from 20% to 10%. You've added in retention, on a 10% weighting. Maybe just, you know, is there any sense there that free cash flow is a little bit less of a focus now, and you're more focused on the kind of income statement metrics? You know, how do you reconcile that with what shareholders would maybe want to see? Yeah. Thank you, Richard. On the client side, I think today is our moment because as we said, you know, the inflation index is lagging inflation. With inflation peaking, this is the moment to pass the highest rate of inflation to clients because the last 12 months have been high. Whether we get a bit of pushback, yes, we do. We always get a bit of pushback. I don't see any clients being strongly happy because we increased the price or we want to increase the price by 5%, 7% or 9%. We do get pushback, but I think today, in many situations, the indexes for the indexation happening in January, the reading of the index, it's pretty good. It's for us to know now do the job and transform this into price increases. Which also mean that beyond that time, with the receding inflation, it may be more difficult in H2 to pass. I think Q2 is our moment. At the CMD, yeah, we said that at some point we'll talk about BNR diversification. I remember that Aurelien said, "I'm focused on my organic growth for the next 18 to 24 months." I know he's working on this, but I do not expect us coming out with clear direction on this in the next quarters. I think we need some more time to work on this, and we want also to pursue a strong dynamic in term of organic growth. You picked up the LGO in Sophie's bonus compensation. You're quite right. We made some space for retention because Sophie wanted clearly to share the KPI she's given to everybody. Do not worry, LGO is a KPI which is well spread through the operational and financial community. It remains a clear point of focus. Okay, if I can just sneak one- It remains a clear point of focus, but we wanted to include retention. that makes sense. If I could just sneak one more in. Your guidance on margin for the year is 5.5% constant currency. It looks like the strength in currency should have been in your higher margin division, so Brazil and the U.S., which are the two highest margin divisions. Would you expect your full year margin to come out a little bit ahead of the guided constant currency margin? It's good that you raise that question because it's something I wanted to discuss and I didn't mention it in the speech. Today we have a currency impact of 9.2%, but when we project the currencies at the current level to the till the end of the year. Assuming that the currencies do not change in parity till the end of the year, the full year impact on currencies for the year on revenue is actually 2% and not 9%. That impact actually will reduce over time. If there is a margin impact, it will be a very minor one, but it will not be negative. I think the right now with the currency we have today, it is a slight positive, but it is very slight. Okay. Very clear. Thank you very much, Marc. Our next question is from Tyler, Neil of Redburn Atlantic. Please go ahead. Yeah, good morning. Thank you. Good morning, Marc. A couple left, please. Returning to the guidance and the components of revenue growth guidance, you mentioned you're on track for your 95% retention. I wonder if I could ask you to sort of break net new sort of assumptions within the 8%-10% out and give us an indication of what you think will land this year on the sort of growth development side. I think your sort of medium-term targets assume that figure is going to be between 3% and 4%. Does this year align with those medium-term targets in terms of what's going to land in the full year? Presumably you've already said that most of that will be in the second half. That's the first question. Then the second one is really on... just a smaller one on the disposal program. It's still running, and, you know, and shaving a little bit off the overall revenue growth. Is there much more to go in that, or are we just sort of running off those disposals that have already been announced and made? Thank you. On your first question, as I said, our target is to be above 95% this year, and right now, we are at the end of quarter one. I think we are on track. I mean, it's too early to change or improve the KPI or at that stage. The net new loss, last year we had a net new loss of 2%. I think this year we want to repeat and have a net new loss of above 2%. In the midterm guidance, I recall having mentioned a net new loss of 2%-3% depending of the year, and starting at 2% and moving up towards 3%, maybe, in fiscal year 2025. I mentioned cross-selling of about 1%, and inflation being variable every year, so I think 4%-5% a year 1, 3% a year 2 and probably, I remember, if I remember well, 2% a year 3. Then there was the Entegra and DRS contributing 1%. I never mentioned, I think, a net new loss of 3%-4%. I was more in the range of 2%-3%. Yeah, sorry. This year we are aiming at two and above. Okay, thank you. In term of disposal program, well, this year, you know, we have the impact this year of the exit of the last leg of the exit of the childcare. I mean, we had also we exited Le Lido last year, so we have an impact of that. We exited a portfolio of contracts in Australia. We exited Russia also, so we have the last leg of all those things. We had a few acquisitions, but very, very minor. Disposals, we're still working. Yes, there will be more. Which sites, it's too early to say, but it's a continuous focus, as Sophie said. We are more and more focused, and disposal is part of the increased focus. Okay. Thank you. I wonder if I could just ask one more follow-up on the broad sort of business and admin revenue, both reported and outlook. Within the sort of more lumpy components of that business, you know, in the sports events, conferences and the like, as you look forward to the next, well, the remainder of this year, I suppose, are there any events that, you know, that you think might, you know, contribute noticeably to the like-to-like growth in that business? No, there is no. For instance, I don't know if you refer to the Rugby World Cup or such events and so forth. There will be no impact because we will not probably very little work for the Rugby World Cup 2023 in France. You can expect some volumes for the JO 2024, because Geo will be very active. That will come the year after. This year, no, there are no lumpy events included in the guidance. Excellent. Thank you very much. Our last question is from Mr. Jaafar of BNP Paribas. Please go ahead. Hi. Good morning. I've got two Questions, if that's all right. The first one is just on net new business. I don't think you explicitly say that net new business was positive in the release outside of North America, where you have this paragraph saying it was positive for the quarter. Just wanted to check whether this was broad-based and the, you know, net new wins, I assume, of 2% improve across the boards, or if there's some divisional comments to be made there. Of course, we know about the U.K. vaccine contracts, but outside of that. Separately, on management's compensation, you disclose the weightings of each factor of the compensation, on the three-year incentive plan, in particular on the criteria for the share awards, if it's three years, I assume, it vests in 2025. You still keep the targets confidential as of the latest annual report, which may be seen as odd because you do have a 2025 guidance. Just wanted to get some commentary on that and whether we should just assume that management's LTIP targets are basically delivering on guidance, or above, or if there's anything that's been tweaked in there. Okay. The net new. I mentioned, I think I mentioned in the release of this release, that the net new is positive at least in my speech, that's clear. Yes, it is positive. It is positive for the group and there is no reason it's not positive for the U.S. as well. We have a good start of net new and yeah. Be reassured that it's a point of focus for both teams at group level and NORAM level. On the management compensation, on the three-year incentive plan, I think we are working on it with the remuneration committee as we speak. I can just comment on the previous one. The previous one was very much revenue and UOP driven, and an element of TSR also with the peer group. I will expect the new one to be on similar terms. Obviously, the LTIP, the three-year incentive program is linked to the guidance. Thank you. Just to clarify on net new, you absolutely say it's positive for the group, but you also specifically say it's positive for the U.S. That's very clear. Yeah. I guess my question is it also positive in Europe ex vaccine? Is it positive in rest of the world? Is it positive everywhere or is it U.S. making it positive for the group? I don't have the number in front of me for Europe and the rest of the world, but it's not bad for Europe and the rest of the world. We were very focused on the fact that it's positive for the U.S. because it's very important and it's positive for the group, and yes, it will be mildly positive for the rest of the zones. Yeah. Okay. Thank you. It's a clear focus and we do work a lot on this. I just remind you that Q1 is only three months for KPI, so it's a very volatile KPI. I think we'll have more visibility at the end of H1. Thank you. That was the last question. I would now like to hand back to Marc for any closing comments. No, if there are no more questions, thank you for being on the line today and I wish you all a good day. Thank you. Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.